Financial Reporting

123456789101112131415161718
Across
  1. 5. A business can compare its performance against a target, industry average or competitor using this reference point. What is it called?
  2. 8. The owner's residual claim on the assets of a business after all liabilities have been deducted is called ________.
  3. 10. flow This statement focuses on the movement of cash into and out of a business during a particular period.
  4. 12. A business may have valuable resources, but if it owes a large amount to creditors, this financial position could be described as a ________.
  5. 13. An asset expected to provide an economic benefit for longer than one accounting period, such as buildings or equipment, is classified as ________.
  6. 16. An asset or liability expected to be converted into cash or settled within the short term is classified as ________.
  7. 17. A financial plan that predicts expected income and expenditure for a future period is known as
  8. 18. The cost of an asset such as equipment is gradually allocated over its useful life through this accounting process.
Down
  1. 1. Resources controlled by a business that are expected to provide future economic benefits are known as ________.
  2. 2. A business's ability to meet its financial commitments and remain financially sound over the longer term is related to its ________.
  3. 3. The amount left after revenue is reduced by expenses is referred to as ________.
  4. 4. If a business consistently earns more from its operations than it spends, it is demonstrating strong
  5. 6. A business may have sufficient resources and manageable debts, but it also wants to know whether its financial position can withstand changes and remain sound. This characteristic is called ________.
  6. 7. The ability of a business to meet its short-term financial obligations when they fall due is called ________.
  7. 9. Sheet This financial statement shows the financial position of a business at a particular point in time by reporting what it owns, owes and the owner's claim.
  8. 11. amounts owed to a business by customers who have purchased goods or services on credit
  9. 14. Money earned by a business from selling its goods or services is generally classified as ________.
  10. 15. These are the costs incurred by a business in order to operate and generate revenue, such as wages, rent and electricity
  11. 16. Money invested by the owners to establish or expand a business is know as